Daily Tax Update - July 23, 2013: Finance Committee Will Mark Up Tax Reform This Fall

Finance Committee Will Mark Up Tax Reform This Fall:  In remarks on the Senate floor today, Finance Chairman Max Baucus said that the Finance Committee will mark up comprehensive tax reform legislation this fall.  Baucus said, “We will mark up a tax bill this fall … so I urge senators to be ready.”  Baucus added, “I believe we must very aggressively reform our tax code. It has not been updated since 1986.  Since then, [it] has built up barnacles."  Baucus said, “America is starting to lose its competitiveness.  It’s very difficult for Americans doing business in the United States to deal with our tax code because it is so complex.”  July 26 is the deadline for senators to submit comments to the Finance Committee for legislative language or detailed proposals of tax incentives they want to keep under the “blank slate” approach.  Baucus and ranking member Orrin Hatch previously said they would give special consideration to provisions which have bipartisan support.

Today, Senate Finance Committee Chairman Max Baucus and House Ways and Means Committee Chairman Dave Camp announced that on July 29 they will visit two separate small businesses in the Philadelphia area as part of their nationwide tax reform tour:  Mrs. G’s TV & Appliances and The Hub.

Treasury Deputy Secretary Wolin to Leave in August:  The Treasury Department announced that Deputy Secretary Neal Wolin will leave at the end of August.

“For more than four years, Neal has played a key role on my economic team," President Obama said in a Treasury release.  "His deep knowledge and excellent judgment helped us prevent a second Great Depression, pass tough new Wall Street reform, strengthen our financial system, foster growth here at home, and promote economic development around the world."

Tax Bills Introduced July 22:

1. [113rd] H.R.2768 : To amend the Internal Revenue Code of 1986 to clarify that a duty of the Commissioner of Internal Revenue is to ensure that Internal Revenue Service employees are familiar with and act in accord with certain taxpayer rights.
Sponsor: Rep Roskam, Peter J. [IL-6] (introduced 7/22/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 7/22/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.2769 : To impose a moratorium on conferences held by the Internal Revenue Service.
Sponsor: Rep Roskam, Peter J. [IL-6] (introduced 7/22/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 7/22/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] H.R.2774 : To amend the Internal Revenue Code of 1986 to provide a credit against tax for hurricane and tornado mitigation expenditures.
Sponsor: Rep Bilirakis, Gus M. [FL-12] (introduced 7/22/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 7/22/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


4. [113rd] H.R.2778 : To amend the Internal Revenue Code of 1986 to clarify eligibility for the child tax credit.
Sponsor: Rep Kingston, Jack [GA-1] (introduced 7/22/2013)      Cosponsors (12) 
Committees: House Ways and Means 
Latest Major Action: 7/22/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


5. [113rd] H.R.2783 : To amend the Internal Revenue Code of 1986 to provide for continued eligibility for the health care tax credit for PBGC pension recipients eligible for the credit at the end of 2013.
Sponsor: Rep Ryan, Tim [OH-13] (introduced 7/22/2013)      Cosponsors (4) 
Committees: House Ways and Means 
Latest Major Action: 7/22/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.